Fintan Warfield (Sinn Fein) | Oireachtas source

I move amendment No. 5:

In page 12, between lines 16 and 17, to insert the following: ""designated housing project” has the meaning assigned to it by section 21;".

These amendments relate to the infrastructure, climate and nature fund. Under the legislation, €2 billion will be contributed to the fund each year until 2030. The fund can be drawn down to support State expenditure from 2026 if there is a deterioration in the economy or in the fiscal position of the State. Moneys from the fund may be drawn to fund designated housing and environmental projects. Under the provisions, up to 22.5% of the fund may be drawn down to support climate- and nature-related projects in any given year from 2026. This provision is in recognition of the likely need for additional investments in environmental projects to ensure we meet our emissions targets. That is understandable.

However, we are in the grip of a housing crisis of epic proportions. My generation, in particular, is locked out of access to affordable homes and stuck in an out-of-control rental system. People face crippling rents with little hope of being able to buy a first home in which to build a future and a family. We need a massive increase in State investment in affordable and social housing. Why, then, is there no provision made in the Bill for drawdown from this fund for the purpose of funding the housing projects that are desperately needed across the State between now and 2030? This amendment is in recognition of the chronic housing shortage we are facing. Its purpose is to fund the housing projects that are so desperately needed in the years to come. It would allow the Minister for housing to specify designated housing projects in a similar manner to that in which Ministers may designate environmental projects under the legislation, and for the money to be drawn down for that purpose.

Amendments Nos. 22 and 23 relate to how the Irish Fiscal Advisory Council and the Minister consider instances in which early drawdown of funds would be warranted. In addition to indicators such as economic growth, the public finances and unemployment, housing and infrastructure deficits should also be considered. The legislation provides for significant contributions on behalf of the Exchequer to these funds, which come with opportunity costs in terms of investments that could be made elsewhere, such as in housing delivery. These amendments seek to ensure the chronic housing and infrastructure deficits we face will factor into those decisions. There can be no argument that addressing the housing crisis is not an option but an absolute necessity. I commend these amendments to the House. I hope the Minister of State will consider them.